If your marketing strategy isn’t working, or if it’s non-existent, it may be time to go back to the basics.

More than likely as you counsel clients in financial matters , you preach the importance of fiscal responsibility, planning ahead to avoid future downturns and staying one step (or two) ahead of the competition. But do you practice what you preach where your firm and your practice are concerned?

If you are like others in the professional services industry, you likely are more attentive to your clients’ needs and, overall, your billable hours, than you are to making sure you are out in front of competing firms and economic downturns.

“Things have a way of working themselves out,” you might tell yourself. Or, “I’m too busy to worry about what the accounting firm across the street is doing to attract and retain clients.”

When things are going well, it is incredibly easy to maintain the status quo or stick your head in the sand and carry on. In today’s ultra-competitive marketplace, however, this is a good recipe for future disaster.

Making matters even more tenuous are corporate accounting scandals that have seen former heavyweights such as Andersen Consulting rendered obsolete, leaving in its wake an ocean of consumer skepticism for the industry and its practitioners. Today, more than ever, an effective communications plan can help to lessen overall negative perception while generating positive, ‘top of mind’ awareness over your accounting peers.

Developing a Marketing Strategy
A good place to start in developing a marketing plan is to take a ‘general accounting’ or ‘audit’ of your practice. Start by identifying your particular niche or specialty area. Is it defined or vague? Work to define what it is you do best and whether that fits with future plans, aspirations and, importantly, opportunities for future growth.

From there, examine past marketing programs you have embarked on or been involved with. What worked? What didn’t? Why? What would you like to do that you don’t have the time or expertise to try? This is often where a CPA might consult with a communications professional; someone who can bring a new perspective and ideas to the table as well as implement them, allowing you to concentrate on your day-to-day work.

Ultimately, in this strategy development phase, identify particular groups you want your marketing plan to target. If you typically are referred business by attorneys, for example, place the legal community high on your list. On the other hand, if a business owner or corporate CFO approaches you routinely, you’ll want that group in the middle of your radar screen. If there are certain industries or individuals you would like to reach but have not been able to, add them to the list to approach via targeted marketing initiatives.

If I Had a Hammer
In the world of public relations we often talk about possessing a communications ‘tool box’—literally, tools to reach particular audiences. These are many and varied and can include:

Direct Mail: Never underestimate the power of the 37-cent stamp. Be sure to announce new firm members, awards or new designations and articles you might have written.

Direct E-mail: The speed and ease of use of the Internet
can keep you directly in touch – efficiently and unobtrusively – with clients and referral sources; providing an ideal avenue for sharing firm news.

Media Relations: This category is multi-faceted and can be complicated to navigate. At the very least, however, you should be announcing firm news (as mentioned above) where appropriate, via press releases. Remember that such releases should contain tangible news without being too ‘commercial’ in content or tone.

No matter the avenue or tool, you will want the ‘news’ and communiqués to ‘hammer home’ positive, key messages about you and your firm.

Don’t Shoot The Messenger
Most companies strive to portray a certain ‘corporate brand’ – a way of doing business or particular traits or ‘know how’ with which they want to be associated. It is along the same lines as a corporate culture, albeit an external rather than internal dynamic.

Once this ‘brand’ is determined, communicate it consistently and from all angles – collateral materials, brochures, web site, advertisements and the like.

The current business environment makes it imperative that, beyond industry knowledge and expertise, your brand message stresses honesty, integrity and accountability. That also applies to the clients you work with.

In this sometimes fragile, yet competitive, business environment, a well-thought out marketing and communications strategy will serve to increase ‘credits’ related to your practice, while at the same time, sharply decrease ‘debits.’

About the Author
Don Tanner is a partner with Marx Layne & Company, a Southfield-Michigan based public relations and marketing firm. The firm provides PR counsel to the MACPA. Don can be reached at dtanner@marxlayne.com.

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